- What you need: EIN, ITIN, US address, and your US LLC
- Best banks: Mercury, Wise, Chase Business, or Bank of America
- Timeline: 1-3 weeks after ITIN approval
- Common rejections and how to avoid them
What You'll Need
EIN (already obtained) | ITIN (from your W-7 application) | US address (consistent with your LLC) | Social Security Number or ITIN | Proof of address (bank statement, utility bill) | Government ID (passport)
Best Banks for EU Entrepreneurs
Mercury
Perfect for online businesses. All digital. No minimum balance. Approval in 3-5 days. Best for startups.
Wise (formerly TransferWise)
Low fees. Multi-currency. Great for international transfers. 1-2 weeks to approve.
Chase Business Banking
Traditional bank. Business credit options. More complex approval process. 2-4 weeks. Best for serious businesses.
Bank of America
Large institution. Loan and credit line options. Thorough verification. 3-6 weeks.
The Application Process
1. Prepare all documents | 2. Start digital application | 3. Video verification call (some banks) | 4. Fund initial deposit | 5. Account activation (1-3 business days after funding)
Why Banks Reject Applications
Mismatched addresses: Your address must be identical across LLC, ITIN, EIN, and bank application. Even a typo causes rejection.
Virtual address: Banks verify your address. A virtual office won't work.
No ITIN: Most banks now require ITIN for non-US citizens. EIN alone isn't enough.
Incomplete documentation: Have everything ready. Don't apply missing documents.
Your bank account is your gateway to US capital. Get it right. Once approved, you can build credit, apply for lines of credit, and access real funding options.